Blog
Final Report Discusses Mitigation Discount Process
The Florida Commission on Hurricane Loss Projection Methodology has released its final Windstorm Mitigation Discounts Report discussing problems with the current mitigation discount process and recommending a series of potential solutions. The 2009 Florida Legislature asked the modeling commission to review the current process by which personal and commercial residential policyholders receive discounts on their …
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Agent Penalty Workshop Held
On January 28, 2010, a rule development workshop was held regarding proposed changes to chapter 69B-231, F.A.C., related to penalty guidelines for insurance representatives. This rule chapter sets forth penalties for various provisions of the Insurance Code by insurance representatives such as agents. The changes are being made in response to legislative additions and deletions …
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FSU Panel Discussion Slated for Today
The Center for Insurance Research, part of the Risk Management & Insurance Program at the Florida State University College of Business, holds its first panel discussion luncheon today at 11:30. The distinguished panel will include German professor Dr. Andreas Richter, Moira Campion McConaghy of the National Association of Insurance Commissioners, and Kevin McCarty, Commissioner of …
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Summary of SB 1460 filed by Garrett Richter
Richter is the chair of the Senate Banking and Insurance Committee. This bill would address an accounting problem created by last year’s change in the “contract year” for the Florida Hurricane Cat Fund coverage. Last year’s change was intended to help insurers negotiate their reinsurance agreements earlier in the year with much more lead time …
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Florida Attorney General Finds Health Care Bill Unconstitutional
Florida Attorney General Bill McCollum sent a letter to leaders of the U.S. House of Representatives and U.S. Senate setting forth the basis for his finding that the proposed federal health care bill is unconstitutional. The letter calls into question provisions of the health care bill that would require every American to purchase health insurance …
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Limited Apportionment Form Available
An insurer with $25 million or less in surplus and writing at least 25% of its countrywide property insurance premiums in Florida may file a petition to become a “limited apportionment company.” By law, an insurer must submit its request to be a limited apportionment company within the first 90 days of each calendar year. …
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Department of Financial Services revamps penalty rules
The Department of Financial Services (Department) has long maintained a rule chapter, 69B-231, that is intended to establish standards for implementing Department’s duties to impose disciplinary action under sections 626.611, 626.621, 626.631, 626.641, 626.681 and 626.691, Florida Statutes, and to describe likely penalties and procedures for determining appropriate penalties for all resident and nonresident insurance …
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OPPAGA Releases Public Adjuster Report
Florida’s Office of Program Policy Analysis & Government Accountability has released Report No. 10-06 relating to the regulation of public adjusters in Florida. The title of the report notes that, “Public Adjuster Representation in Citizens Property Insurance Corporation Claims Extends the Time to Reach a Settlement and Also Increases Payments to Citizens’ Policyholders.” The report …
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Tallahasseean Loranne Ausley Announces CFO Bid
Loranne Ausley, a former state representative from Tallahassee, has announced that she intends to run for the Chief Financial Officer position being vacated by Alex Sink. Ausley, a Democrat, had been running for the state Senate and raised about $274,000 for that campaign. However, she now moves to a race in which the Democratic party …
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Report Card Rule to Move Forward
The Florida Office of Insurance Regulation announced in late 2010 that it was withdrawing the insurer report card rule. This announcement was viewed favorably by many members of the industry because they had commented throughout the workshop and hearing process that the grading formula presents serious concerns. Although the OIR indicated at the time it …
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Senator Arongberg Pursues Chinese Drywall Solutions
State Senator Dave Aronberg has indicated that he intends to pursue legislation in the 2010 session trying to address concerns over contaminated Chinese drywall. Senator Aronberg proposes that the state convene a task force to study the issue further. In addition, Aronberg wants the state to adopt standards relating to the permissible content of drywall …
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Changes at the Top: 2010 Elections Will Shape Florida Government
With the holidays behind us and the 2010 legislative session fast approaching, considerable attention will turn to the many political races that promise to shape Florida’s future. Many candidates used early starts in 2009 to raise money and put together the campaign infrastructures they will need to carry themselves to the primaries and general election …
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Florida Attorney General Questions Health Care Bill
Florida Attorney General Bill McCollum announced over the holidays that his staff will be reviewing the legality of the federal health-care bill. McCollum, who is running for Governor, refers to the much-debated health-care bill as a “tax on living.” He questions a requirement in the bill that all citizens either obtain insurance or pay into …
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OIR Gathers Input on Mitigation Verification Form and Notice
The Office of Insurance Regulation held a public hearing on December 21 to continue gathering feedback about revisions to its Uniform Mitigation Verification Inspection Form and its Notice of Premium Discounts for Hurricane Loss Mitigation. The hearing attracted relatively few comments on the discount notice form. A few participants commented that the description of mandatory …
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State Farm Florida and OIR Resolve Withdrawal Request
State Farm Florida Insurance Company and the Florida Office of Insurance Regulation have entered into a Consent Order resolving a dispute arising from the insurer’s planned withdrawal from the Florida property insurance market. State Farm Florida filed a withdrawal plan with the Office of Insurance Regulation announcing that it intended to discontinue its property insurance …
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